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GAO Report: Now It's Your Turn
In the sequence of posts below, we've tried to pick out the most interesting parts of the GAO report on the Treasury's administration of the bailout money. But we were working fast, so we might have missed stuff.
So if you feel like it, as usual, please review it yourself and let us know what else you find. It's here...
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Sigh - I tried combing through it and quickly got bogged down... kudos to those who are continuing to dig.
-- Cris
My site: Obama Wallpaper Archive
December 2, 2008 9:33 PM | Reply | Permalink
FREEZE!! NOT A DIME UNTIL...
from the GAO report. There is NO oversight.
"While OFS and PricewaterhouseCoopers are working to implement a comprehensive system of internal control, until such a system is fully developed and implemented, there is heightened risk that the interests of the government and taxpayers may not be adequately protected and that the program objectives may not be achieved in an efficient and effective manner.
...continue to develop a comprehensive system of internal controls over TARP including policies, procedures, and guidance for program activities that are robust enough to ensure that government’s and taxpayers’ interests are protected and that the program objectives and requirements are being met;
While OFS plans to implement such a system, there is heightened risk that without it the interests of the government and taxpayers may not be adequately protected and that the programs’ objectives may not be achieved in an efficient and effective manner.
While OFS is in the process of developing a comprehensive system of internal control, there is heightened risk that the interests of the government and taxpayers may not be adequately protected and that OFS may not achieve its mission in an effective and efficient manner."
December 2, 2008 10:08 PM | Reply | Permalink
according to my "find" function neither the words "profit" or "profits" appears anywhere in the report. Neither does the word "payroll" appear.
Ditto the word "wages".
The word "equality" is absent. The word "rights" appears once in the phrase "protecting investor's rights."
The word "fair" appears once in a footnote describing "financial agents"
The word "citizens" does not appear.
The phrase "pursuit of happiness" is absent.
What world are these people living in?
December 2, 2008 10:19 PM | Reply | Permalink
Citibank is buying an infrastructure company in Spain for ~$10 Billion. What does that have to do with increasing lending? Nada, as far as I can tell.
Wasn't it a bailout requirement that the money be used to increase loans, not for acquisitions? Why does Citi need bailout money if they can spend $10 billion buying another company?
How much bailout money did Citi just get? $20 billion immediately and $300 billion in guarantees?
This is BS. Citi is acquiring the company, Itinere Infraestructuras, through its infrastructure fund,
Citi Infrastructure Partners.
http://www.khl.com/magazines/construction-europe/detail/item29555/Citigroup-acquires-Spain/?s-Itinere-Infraestructuras/
December 3, 2008 7:36 PM | Reply | Permalink